Islamabad: The Premier Sugar Mills and Distillery Company Limited has reported a significant decline in its financial performance for the fiscal year 2024. According to the company's unconsolidated financial statements, sales plunged by 54% to 1.40 billion rupees from the previous year's 3.05 billion rupees.

The Premier Group of Companies, established in 1950, is engaged in various sectors including sugar production, ethanol, polypropylene products, grain storage, and real estate. The Group's major listed companies include Premier Sugar Mills, Chashma Sugar Mills Limited, and ARPAK International Investments Limited.

The company's gross loss for 2024 amounted to 737.02 million rupees, a drastic shift from a gross profit of 357.87 million rupees in 2023. The operating loss was reported at 196.40 million rupees, contrasting sharply with an operating profit of 165.05 million rupees the previous year.

The financial report reveals that the profit before taxation turned into a loss of 431.42 million rupees from a profit of 14.74 million rupees in 2023, signifying a 3027% downturn. The profit after taxation also declined by 337%, resulting in a loss of 173.11 million rupees compared to a profit of 72.98 million rupees last year. The earnings per share dropped to a loss of 46.16 rupees from a profit of 19.46 rupees.

According to information available from the Pakistan Stock Exchange (PSX), the Premier Sugar Mills has also seen an increase in its total assets, rising to 4.10 billion rupees from 3.25 billion rupees in 2023. The company's property, plant, and equipment expanded by 41% to 3.41 billion rupees. However, shareholders' equity decreased by 8% to 1.87 billion rupees.

The financial position highlights further indicate a significant increase in trade and other payables, which rose by 130% to 444.02 million rupees. The short-term running finance experienced an extraordinary rise of 1,497,966%, reaching 524.32 million rupees.

Premier Sugar Mills continues to face challenges in managing its liabilities, with other liabilities growing by 24% to 1.26 billion rupees. Despite these financial hurdles, the Group remains a significant player in its designated market category, maintaining its diverse interests across various sectors.